Ivy Industries Nabbed in Bank Theft

The (now-former) CEO of moulding-manufacturer Ivy Industries, John Reid, has confessed to stealing $2.4MM from Albemarle First Bank. Reid says that he set up the check-kiting scheme between Albemarle First and SunTrust in an effort to keep his business afloat. He was caught when he tried to tie a new bank, Southern Financial, into the scheme. Ivy Industries laid off 40 of their 50 employees last Friday. Monday, Albemarle First filed a $10MM suit against Reid and four of the organizations’ officers. David Dadurka has the story in today’s Progress. 4:09pm Update: Also, see The Hook’s story for a whole mess more information.

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